Today, we wrap up our discussion of the changed IRS code, the changes made by the Tax Cuts and Jobs Act (sic). The series started last Wednesday or Thursday, where we discussed personal tax provisions of the law. On Monday, we started discussing the business tax provisions. And, now some 6000 words later, we are completing the changes in the bill.
Here’s the preamble to the series…
Running a business? Then, you know that money you spend for meals – or entertainment- that are business related are not fully deductible. Oh, sure, if you spend $ 100 wining and dining a client, your profits have been reduced by $ 100. Except that’s not how it appears on your Schedule C or Form 1120 or Form 1065. Because only 1/2 of that expense is deductible.
You did it! You held on for the seven posts. Today is the last one. Where we will learn about the changes to how long extensions may be (some are shorter and some are longer than before). Oh, and penalties- they’re going up. (Of course!)
Come on! You’ve made it this far. There’s only one more after today’s blog!
Today, we’ll discuss the changes that the IRS has made in collecting overdue taxes, how we’ll be able (or not) to request (and be granted) extended payment plans, and the changes in the filing dates for some taxes.
Oh, good! I haven’t lost you yet. Even though there was a weekend separating all these sections.
Today, we’ll continue our discussion of Section 179 (this is depreciation that really lets us off the entire- or most of- the capital costs in one fell swoop. Plus, the potential sea change in partnership rules that may to handle new IRS method of auditing the .